"Fuel Prices Expected to Hold Steady for First Half of September 2023, Says IES Projection"

" \r\n \t Fuel Prices Expected to Hold Steady for First Half of September 2023, Says IES Projection \r\n \t Slowed International Movements and Stable Exchange Rates Contribute to Price Stability \r\n \r\nFuel consumers can breathe a sigh of relief as the Institute for Energy Security (IES) projects that fuel prices will remain unchanged for the initial two weeks of September 2023.\r\n\r\nThis forecast is anchored in a combination of factors, including a notable deceleration in international movements of petroleum products and a cedi that holds firm against the U.S. dollar, observed during the second-pricing window of August 2023.\r\n\r\nIntriguingly, the latest statistics from the Standard & Poor (S&P) Platt platform revealed shifting dynamics in the pricing of various finished petroleum products during the preceding window.\r\n\r\nGasoline, or petrol, underwent a trade value increase from $967.29 to $989.48 per metric tonne. Gasoil, commonly known as diesel, experienced a more modest change, with prices moving from $901.73 to $912.68 per metric tonne.\r\n\r\nSimultaneously, the price of Liquid Petroleum Gas (LPG) saw an upward shift from $547.52 to $557.05 per metric tonne. These fluctuations translated into price hikes of 2.29% for gasoline, 0.13% for diesel, and 1.7% for LPG, respectively.\r\n\r\nThe IES's meticulous scrutiny of the foreign exchange (forex) market spotlighted the Ghana cedi, which exhibited a marginal depreciation against the U.S. dollar, shifting from \u00a211.39 to \u00a211.45 over the past fortnight.\r\n\r\nThis slight devaluation represented a 0.52% dip in the Ghana cedi's value during the analyzed period.\r\n\r\nIn the domestic fuel arena, the second pricing window of August saw the cost of local petroleum products ascending by 5% for diesel and 3.90% for petrol.\r\n\r\nDrawing from a random sampling of price data from various Oil Marketing Companies (OMCs) over the span of two weeks, the IES ascertained that the nationwide average prices per liter stood at \u00a213.02 for petrol, \u00a212.85 for diesel, and \u00a213.14 per kilogram of LPG.\r\n\r\nOn the international stage, Brent Crude, a key global oil benchmark, achieved a sale price of $84.48 per barrel on August 28, 2023, with an average barrel price of $84.16. A significant contributing factor to this situation is China's ongoing property crisis, a predicament that has cast a shadow over market risk appetites and ignited concerns about the nation's economic vitality.\r\n\r\nDespite these apprehensions, oil consumption data from China presents a contrary perspective, indicating that fears of a pronounced dip in global demand might be unwarranted."

"Fuel Prices Expected to Hold Steady for First Half of September 2023, Says IES Projection"

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